Which of the Following Would Be Added to the Balance

question 189

Multiple Choice

Which of the following would be added to the balance per bank on a bank reconciliation?

• A)Outstanding checks.
• B)Deposits in transit.
• C)Notes collected by the bank.
• D)Service charges.

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Definitions:

Bank Errors

discrepancies between a bank statement and the records of the account holder, often requiring adjustments.

NSF Check

A bounced or non-sufficient funds check, which occurs when an account does not have enough money to cover the amount written on the check resulting in a bank refusal to honor it.

Collection

The process of pursuing payments of debts owed by individuals or businesses.

Internal Control

Processes and procedures implemented by management and the board to ensure the integrity of financial reports, compliance with laws and regulations, and the efficiency of operations.